Short Interest in Concentrix Co. (NASDAQ:CNXC) Grows By 5.1%

Concentrix Co. (NASDAQ:CNXC) was the recipient of a significant increase in short interest in January. As of January 15th, there was short interest totalling 7,150,000 shares, an increase of 5.1% from the December 31st total of 6,800,000 shares. Based on an average daily trading volume, of 704,700 shares, the short-interest ratio is currently 10.1 days. Approximately 15.5% of the company’s stock are sold short.

Concentrix Stock Down 2.3 %

Shares of CNXC stock opened at $52.28 on Monday. Concentrix has a 12 month low of $36.28 and a 12 month high of $91.20. The stock has a market cap of $3.37 billion, a P/E ratio of 14.09, a P/E/G ratio of 0.75 and a beta of 0.63. The company has a current ratio of 1.42, a quick ratio of 1.57 and a debt-to-equity ratio of 1.17. The company has a 50 day simple moving average of $46.07 and a two-hundred day simple moving average of $53.58.

Concentrix (NASDAQ:CNXC) last announced its earnings results on Wednesday, January 15th. The company reported $3.26 EPS for the quarter, beating analysts’ consensus estimates of $3.01 by $0.25. Concentrix had a net margin of 2.61% and a return on equity of 16.67%. The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.44 billion. During the same period in the prior year, the company earned $3.36 earnings per share. The firm’s revenue was up 9.7% on a year-over-year basis. On average, research analysts expect that Concentrix will post 10.11 earnings per share for the current year.

Concentrix Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, February 11th. Shareholders of record on Friday, January 31st will be issued a dividend of $0.3328 per share. The ex-dividend date is Friday, January 31st. This represents a $1.33 dividend on an annualized basis and a yield of 2.55%. Concentrix’s dividend payout ratio is currently 35.85%.

Insider Transactions at Concentrix

In other news, Director Kathryn Hayley bought 500 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were purchased at an average price of $50.22 per share, for a total transaction of $25,110.00. Following the completion of the purchase, the director now owns 3,034 shares in the company, valued at approximately $152,367.48. This represents a 19.73 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last 90 days, insiders have sold 1,500 shares of company stock worth $72,400. Corporate insiders own 3.10% of the company’s stock.

Institutional Trading of Concentrix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Venturi Wealth Management LLC increased its stake in shares of Concentrix by 159.6% in the fourth quarter. Venturi Wealth Management LLC now owns 797 shares of the company’s stock worth $34,000 after purchasing an additional 490 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Concentrix by 64.9% in the third quarter. GAMMA Investing LLC now owns 729 shares of the company’s stock worth $37,000 after purchasing an additional 287 shares in the last quarter. KBC Group NV increased its stake in shares of Concentrix by 68.3% in the fourth quarter. KBC Group NV now owns 2,008 shares of the company’s stock worth $87,000 after purchasing an additional 815 shares in the last quarter. Quest Partners LLC purchased a new stake in shares of Concentrix in the third quarter worth $146,000. Finally, Blue Trust Inc. increased its stake in shares of Concentrix by 62.4% in the third quarter. Blue Trust Inc. now owns 3,132 shares of the company’s stock worth $161,000 after purchasing an additional 1,204 shares in the last quarter. 90.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Canaccord Genuity Group lowered their price objective on shares of Concentrix from $100.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, January 16th. One equities research analyst has rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $75.00.

Concentrix Company Profile

Concentrix Corporation engages in the provision of technology-infused customer experience (CX) solutions worldwide. The company provides CX process optimization, technology innovation, front- and back-office automation, analytics, and business transformation services, across various channels of communication, such as voice, chat, email, social media, asynchronous messaging, and custom applications.